What is Gray Television, Inc.'s earnings per share (EPS)?

Gray Television, Inc. (GTN-A) reported diluted earnings per share of -$1.41 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Gray Television, Inc. (GTN-A) Financials

GTN-A

Trailing 12 months to June 30, 2026

Revenue $3.1B -11.3% YoY

Net Income -$26.0M -113.0% YoY

EPS (Diluted) -$0.59 -138.3% YoY

Free Cash Flow $146.0M -79.4% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from.

Gray Television, Inc. (GTN-A) reported $3.1B in revenue over the twelve months to Jun 30, 2026, down 11.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GTN-A FY2025 2026-08-30

A high-debt television model turns revenue swings into outsized earnings volatility, while depreciation and working-capital movements keep cash flow positive.

Financing costs are a decisive earnings filter: operating income of $392M sat below interest expense of $474M in FY2025, so the operating business produced profit while financing costs pushed the company to a net loss. Operating cash flow remained $289M despite that loss, but fell from $751M in FY2024, indicating positive cash conversion supported by non-cash charges and working-capital movements rather than net earnings.

Revenue fell to $3.095B in FY2025 while operating margin compressed to 12.7%, showing that costs did not contract proportionally with the top line. That cost rigidity makes profit more sensitive to volume swings than the revenue change alone suggests.

Leverage remains a central constraint: debt-to-equity rose from 2.5x in FY2024 to 2.7x in FY2025, even as the current ratio improved from 1.0x to 1.3x. Free cash flow of $181M after $108M of capital expenditures shows the company still funds reinvestment internally, though cash generation was materially lower than the prior year.

Financial Health Signals

Financial health score not available

Gray Television, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

0.65

Gray Television, Inc. scores 0.65, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/7

Gray Television, Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

N/A

Gray Television, Inc. reported a net loss of $85.0M while generating $289.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

0.83x

Gray Television, Inc. earns $0.83 in operating income for every $1 of interest expense ($392.0M vs $474.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$839.0M

YoY+8.7%

QoQ+9.2%

5Y CAGR+8.9%

10Y CAGR+15.6%

Gray Television, Inc. generated $839.0M in revenue in Q2 2026. This represents an increase of 8.7% from the same quarter a year earlier. Against the prior quarter it is up 9.2%.

EBITDA

$191.0M

YoY+34.5%

QoQ+30.8%

5Y CAGR+3.6%

10Y CAGR+10.6%

Gray Television, Inc.'s EBITDA was $191.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.5% from the same quarter a year earlier. Against the prior quarter it is up 30.8%.

Net Income

$14.0M

YoY+125.0%

QoQ+170.0%

5Y CAGR-18.5%

10Y CAGR-2.3%

Gray Television, Inc. reported $14.0M in net income in Q2 2026. This represents an increase of 125.0% from the same quarter a year earlier. Against the prior quarter it is up 170.0%.

EPS (Diluted)

$0.21

YoY+129.6%

QoQ+161.8%

5Y CAGR-4.9%

10Y CAGR-1.3%

Gray Television, Inc. earned $0.21 per diluted share (EPS) in Q2 2026. This represents an increase of 129.6% from the same quarter a year earlier. Against the prior quarter it is up 161.8%.

Cash & Balance Sheet

Free Cash Flow

$106.0M

YoY+1666.7%

QoQ+688.9%

10Y CAGR+29.1%

Gray Television, Inc. generated $106.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 1666.7% from the same quarter a year earlier. Against the prior quarter it is up 688.9%.

Cash & Debt

$176.0M

YoY-11.6%

QoQ-32.0%

5Y CAGR-25.8%

10Y CAGR0.0%

Gray Television, Inc. held $176.0M in cash against $5.8B in long-term debt as of Q2 2026.

Dividends Per Share

$0.08

YoY0.0%

QoQ0.0%

5Y CAGR0.0%

Gray Television, Inc. paid $0.08 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

Diluted avg 100M

Gray Television, Inc. had a weighted average of 100M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Margins & Returns

Operating Margin

16.2%

YoY+5.6pp

QoQ+5.7pp

5Y change-3.5pp

10Y change-11.1pp

Gray Television, Inc.'s operating margin was 16.2% in Q2 2026, reflecting core business profitability. This is up 5.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.7 percentage points.

Net Margin

1.7%

YoY+8.9pp

QoQ+4.3pp

5Y change-5.5pp

10Y change-7.3pp

Gray Television, Inc.'s net profit margin was 1.7% in Q2 2026, showing the share of revenue converted to profit. This is up 8.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.

Return on Equity

0.7%

YoY+3.2pp

QoQ+1.6pp

5Y change-1.5pp

10Y change-3.2pp

Gray Television, Inc.'s ROE was 0.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$17.0M

YoY-32.0%

QoQ-10.5%

5Y CAGR-30.9%

10Y CAGR+8.5%

Gray Television, Inc. invested $17.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 32.0% from the same quarter a year earlier. Against the prior quarter it is down 10.5%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

GTN-A Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GTN-A quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$3.1B	$3.1B-15.1%	$3.6B+11.1%	$3.3B-10.7%	$3.7B+52.3%	$2.4B+1.3%	$2.4B+12.2%	$2.1B+95.8%	$1.1B+22.8%	$883.0M+8.7%	$812.5M+36.0%	$597.4M+17.6%	$508.1M+46.7%	$346.3M-14.5%	$404.8M+31.8%	$307.1M
SG&A Expenses	N/A	$946.0M-2.6%	$971.0M+3.3%	$940.0M+8.2%	$869.0M+446.5%	$159.0M+144.6%	$65.0M-37.5%	$104.0M+153.7%	$41.0M+28.1%	$32.0M-20.6%	$40.3M+17.4%	$34.3M+17.6%	$29.2M+47.4%	$19.8M+24.4%	$15.9M+12.4%	$14.2M
Operating Income	$435.0M	$392.0M-53.9%	$851.0M+122.2%	$383.0M-61.3%	$990.0M+159.8%	$381.0M-49.3%	$752.0M+57.3%	$478.0M+22.9%	$389.0M+34.1%	$290.0M+23.8%	$234.3M+67.3%	$140.1M-8.9%	$153.8M+83.3%	$83.9M-45.3%	$153.4M+103.6%	$75.3M
EBITDA	N/A	$629.0M-43.8%	$1.1B+55.1%	$722.0M-45.6%	$1.3B+120.3%	$602.0M-36.8%	$953.0M+41.6%	$673.0M+45.0%	$464.0M+26.4%	$367.0M+23.6%	$296.8M+57.3%	$188.8M-1.9%	$192.3M+77.6%	$108.3M-38.7%	$176.6M+73.8%	$101.7M
Interest Expense	$473.0M	$474.0M-2.3%	$485.0M+10.2%	$440.0M+24.3%	$354.0M+72.7%	$205.0M+7.3%	$191.0M-15.9%	$227.0M+112.1%	$107.0M+12.6%	$95.0M-2.3%	$97.2M+30.7%	$74.4M+8.0%	$68.9M+31.4%	$52.4M-11.8%	$59.4M-3.8%	$61.8M
Income Tax	-$37.0M	-$28.0M-123.9%	$117.0M+2050.0%	-$6.0M-103.8%	$159.0M+103.8%	$78.0M-41.8%	$134.0M+76.3%	$76.0M-1.3%	$77.0M+211.6%	-$69.0M-258.9%	$43.4M+64.2%	$26.4M-16.7%	$31.7M+141.4%	$13.1M-31.5%	$19.2M+322.7%	$4.5M
Net Income	-$26.0M	-$85.0M-122.7%	$375.0M+593.4%	-$76.0M-116.7%	$455.0M+405.6%	$90.0M-78.0%	$410.0M+129.1%	$179.0M-15.2%	$211.0M-19.5%	$262.0M+320.7%	$62.3M+58.5%	$39.3M-18.2%	$48.1M+162.8%	$18.3M-35.0%	$28.1M+211.3%	$9.0M
EPS (Basic)	N/A	-$1.41-141.5%	$3.40+344.6%	-$1.39-131.7%	$4.38+995.0%	$0.40-89.3%	$3.73+191.4%	$1.28-46.4%	$2.39-33.4%	$3.59+312.6%	$0.87+50.0%	$0.58-30.1%	$0.83+159.4%	$0.32-23.8%	$0.42+1300.0%	$0.03
EPS (Diluted)	-$0.59	-$1.41	$3.36	-$1.39	$4.33	$0.40	$3.69+190.6%	$1.27	$2.37-33.2%	$3.55+312.8%	$0.86+50.9%	$0.57-30.5%	$0.82+156.2%	$0.32-23.8%	$0.42	$0.03
Diluted Shares (Avg)	N/A	97M	96M	92M	93M	95M	97M-3.0%	100M	89M+20.3%	74M+1.7%	73M+5.5%	69M+18.2%	58M+0.7%	58M+1.2%	57M	57M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$839.0M+8.7%	$768.0M-1.8%	$792.0M-24.2%	$749.0M-21.2%	$772.0M-6.5%	$782.0M-5.0%	$1.0B+20.9%	$950.0M+18.3%
SG&A Expenses	N/A	$252.0M+5.9%	N/A	N/A	N/A	$238.0M-3.6%	N/A	N/A
Operating Income	$136.0M+65.9%	$81.0M-12.0%	$116.0M-64.3%	$102.0M-59.2%	$82.0M-46.1%	$92.0M-25.8%	$325.0M+187.6%	$250.0M+197.6%
EBITDA	$191.0M+34.5%	$146.0M-5.8%	$174.0M-55.6%	$158.0M-50.2%	$142.0M-35.5%	$155.0M-18.8%	$392.0M+97.0%	$317.0M+88.7%
Interest Expense	$117.0M0.0%	$117.0M-0.8%	$119.0M-2.5%	$120.0M-7.7%	$117.0M-0.8%	$118.0M+2.6%	$122.0M+5.2%	$130.0M+17.1%
Income Tax	$5.0M-76.2%	-$8.0M+46.7%	-$16.0M-134.0%	-$18.0M-156.3%	$21.0M+200.0%	-$15.0M-148.4%	$47.0M+1666.7%	$32.0M+966.7%
Net Income	$14.0M+125.0%	-$20.0M-122.2%	-$10.0M-105.9%	-$10.0M-110.4%	-$56.0M-354.5%	-$9.0M-110.2%	$169.0M+1977.8%	$96.0M+340.0%
EPS (Basic)	$0.21+129.6%	-$0.34-47.8%	-$0.22-113.4%	-$0.24-127.6%	-$0.71-888.9%	-$0.23-128.8%	$1.64+783.3%	$0.87+252.6%
EPS (Diluted)	$0.21+129.6%	-$0.34	-$0.22	-$0.24	-$0.71	-$0.23	$1.62	$0.86
Diluted Shares (Avg)	100M+3.1%	97M	N/A	97M	97M	96M	N/A	97M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

GTN-A Balance Sheet

GTN-A quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$10.4B-1.0%	$10.5B-0.9%	$10.6B-4.6%	$11.2B+0.4%	$11.1B+45.3%	$7.6B+9.6%	$7.0B+65.5%	$4.2B+29.2%	$3.3B+18.5%	$2.8B+29.4%	$2.1B+13.7%	$1.9B+40.3%	$1.3B+6.8%	$1.2B+1.3%	$1.2B
Current Assets	$656.0M+21.3%	$541.0M+15.6%	$468.0M-45.4%	$857.0M-11.0%	$963.0M-26.2%	$1.3B+94.0%	$672.0M-23.0%	$873.0M+30.9%	$666.8M+31.9%	$505.5M+77.1%	$285.5M+69.6%	$168.3M+28.9%	$130.6M+35.5%	$96.4M+21.5%	$79.4M
Cash & Equivalents	$368.0M+172.6%	$135.0M+542.9%	$21.0M-65.6%	$61.0M-67.7%	$189.0M-75.5%	$773.0M+264.6%	$212.0M-68.2%	$667.0M+44.2%	$462.4M+42.2%	$325.2M+234.2%	$97.3M+216.3%	$30.8M+128.3%	$13.5M+21.8%	$11.1M+113.2%	$5.2M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$205.0M-39.2%	$337.0M-1.5%	$342.0M-47.4%	$650.0M+4.2%	$624.0M+46.8%	$425.0M+3.4%	$411.0M+123.4%	$184.0M+7.5%	$171.2M+16.6%	$146.8M+20.9%	$121.5M+13.9%	$106.7M+52.3%	$70.0M+12.1%	$62.5M+0.6%	$62.1M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$2.6B0.0%	$2.6B0.0%	$2.6B-0.8%	$2.7B+0.5%	$2.6B+81.4%	$1.5B+1.0%	$1.4B+136.3%	$612.0M+0.2%	$611.0M+25.9%	$485.3M+14.7%	$423.2M+13.0%	$374.4M+103.0%	$184.4M+8.1%	$170.5M0.0%	$170.5M
Total Liabilities	$7.6B+0.3%	$7.6B-5.1%	$8.0B-4.4%	$8.4B-3.6%	$8.7B+66.0%	$5.2B+7.9%	$4.9B+60.5%	$3.0B+33.4%	$2.3B+0.4%	$2.3B+33.0%	$1.7B+2.6%	$1.7B+42.7%	$1.2B+4.9%	$1.1B+1.8%	$1.1B
Current Liabilities	$516.0M-2.1%	$527.0M+33.4%	$395.0M-3.4%	$409.0M+6.5%	$384.0M+50.6%	$255.0M+3.7%	$246.0M+64.0%	$150.0M+14.2%	$131.3M+10.0%	$119.4M+36.3%	$87.6M+9.5%	$80.0M+26.8%	$63.1M+32.2%	$47.7M-3.7%	$49.5M
Non-Current Liabilities	$7.1B+0.5%	$7.1B-7.1%	$7.6B-4.4%	$8.0B-4.1%	$8.3B+66.8%	$5.0B+8.1%	$4.6B+60.4%	$2.9B+34.6%	$2.1B-0.2%	$2.1B+32.9%	$1.6B+2.3%	$1.6B+43.6%	$1.1B+3.7%	$1.1B+2.1%	$1.0B
Long-Term Debt	$5.7B+2.5%	$5.6B-8.9%	$6.1B-4.6%	$6.4B-4.5%	$6.7B+69.6%	$4.0B+7.5%	$3.7B+45.0%	$2.5B+39.2%	$1.8B+4.2%	$1.8B+44.0%	$1.2B-1.3%	$1.2B+46.7%	$842.6M+1.2%	$832.9M+0.7%	$827.4M
Total Equity	$2.2B-5.6%	$2.3B+15.8%	$2.0B-6.9%	$2.1B+20.4%	$1.8B+0.2%	$1.8B+19.7%	$1.5B+23.3%	$1.2B+19.4%	$994.0M+101.6%	$493.0M+14.8%	$429.3M+98.6%	$216.2M+24.2%	$174.0M+20.9%	$143.9M+17.1%	$123.0M
Retained Earnings	$1.2B-12.4%	$1.4B+26.8%	$1.1B-12.7%	$1.2B+42.9%	$869.0M+0.8%	$862.0M+71.0%	$504.0M+35.5%	$372.0M+130.1%	$161.7M+259.5%	-$101.4M+38.1%	-$163.6M+19.4%	-$202.9M+19.1%	-$251.0M+6.8%	-$269.3M+8.2%	-$293.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$10.4B+0.8%	$10.3B-1.1%	$10.4B-1.0%	$10.3B-2.9%	$10.4B-2.7%	$10.4B-2.8%	$10.5B-0.9%	$10.6B-0.1%
Current Assets	$492.0M+2.9%	$523.0M+8.3%	$656.0M+21.3%	$485.0M-15.8%	$478.0M-11.2%	$483.0M-19.6%	$541.0M+15.6%	$576.0M+16.4%
Cash & Equivalents	$176.0M-11.6%	$259.0M+23.3%	$368.0M+172.6%	$182.0M+163.8%	$199.0M+165.3%	$210.0M+56.7%	$135.0M+542.9%	$69.0M+228.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$193.0M-10.6%	$178.0M-10.1%	$205.0M-39.2%	$204.0M-43.0%	$216.0M-37.2%	$198.0M-45.3%	$337.0M-1.5%	$358.0M+5.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$2.7B+1.9%	$2.7B+0.3%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%
Total Liabilities	$7.7B+2.5%	$7.6B+0.3%	$7.6B+0.3%	$7.5B-4.3%	$7.5B-5.1%	$7.5B-6.2%	$7.6B-5.1%	$7.9B-2.9%
Current Liabilities	$517.0M-5.8%	$437.0M-18.0%	$516.0M-2.1%	$519.0M+2.2%	$549.0M+65.9%	$533.0M+25.7%	$527.0M+33.4%	$508.0M+22.7%
Non-Current Liabilities	$7.2B+3.2%	$7.1B+1.7%	$7.1B+0.5%	$7.0B-4.8%	$7.0B-8.2%	$7.0B-8.0%	$7.1B-7.1%	$7.3B-4.3%
Long-Term Debt	$5.8B+4.1%	$5.7B+2.8%	$5.7B+2.5%	$5.6B-4.5%	$5.6B-8.9%	$5.6B-9.0%	$5.6B-8.9%	$5.9B-4.9%
Total Equity	$2.1B-2.4%	$2.1B-6.3%	$2.2B-5.6%	$2.2B+1.3%	$2.2B+6.1%	$2.3B+10.0%	$2.3B+15.8%	$2.1B+6.4%
Retained Earnings	$1.2B-7.3%	$1.2B-13.5%	$1.2B-12.4%	$1.2B+0.8%	$1.3B+10.1%	$1.3B+16.9%	$1.4B+26.8%	$1.2B+10.1%

Not reported in any period shown, so not listed: Inventory.

GTN-A Cash Flow Statement

GTN-A quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$250.0M	$289.0M-61.5%	$751.0M+15.9%	$648.0M-21.8%	$829.0M+176.3%	$300.0M-54.0%	$652.0M+69.4%	$385.0M+19.2%	$323.0M+79.4%	$180.0M-14.3%	$210.1M+96.9%	$106.7M-20.5%	$134.2M+122.8%	$60.2M-32.6%	$89.4M+134.1%	$38.2M
Depreciation & Amortization	N/A	$237.0M-11.9%	$269.0M-20.6%	$339.0M+0.9%	$336.0M+52.0%	$221.0M+10.0%	$201.0M+3.1%	$195.0M+160.0%	$75.0M-2.6%	$77.0M+23.2%	$62.5M+28.4%	$48.7M+26.3%	$38.5M+57.8%	$24.4M+5.3%	$23.2M-11.8%	$26.3M
Stock-Based Compensation	N/A	$22.0M0.0%	$22.0M+10.0%	$20.0M-9.1%	$22.0M+57.1%	$14.0M-12.5%	$16.0M0.0%	$16.0M+128.6%	$7.0M-22.2%	$9.0M+76.5%	$5.1M+26.9%	$4.0M-19.8%	$5.0M+153.9%	$2.0M+124.8%	$878K+545.6%	$136K
Capital Expenditures	$104.0M	$108.0M-24.5%	$143.0M-58.9%	$348.0M-20.2%	$436.0M+110.6%	$207.0M+88.2%	$110.0M0.0%	$110.0M+57.1%	$70.0M+100.0%	$35.0M-19.7%	$43.6M+80.0%	$24.2M-24.8%	$32.2M+33.9%	$24.1M-1.9%	$24.5M+1.0%	$24.3M
Free Cash Flow	$146.0M	$181.0M-70.2%	$608.0M+102.7%	$300.0M-23.7%	$393.0M+322.6%	$93.0M-82.8%	$542.0M+97.1%	$275.0M+8.7%	$253.0M+74.5%	$145.0M-12.9%	$166.5M+101.8%	$82.5M-19.1%	$102.0M+181.9%	$36.2M-44.2%	$64.8M+366.6%	$13.9M
Investing Cash Flow	-$339.0M	-$63.0M-125.0%	-$28.0M+90.4%	-$291.0M+42.1%	-$503.0M+85.8%	-$3.5B-1574.9%	-$211.0M+92.1%	-$2.7B-5551.1%	-$47.0M+86.6%	-$350.0M+27.0%	-$479.3M-132.3%	-$206.4M+58.9%	-$501.9M-729.2%	-$60.5M-159.7%	-$23.3M-6.6%	-$21.9M
Financing Cash Flow	$66.0M	$7.0M+101.1%	-$609.0M-53.4%	-$397.0M+12.6%	-$454.0M-117.1%	$2.6B+2108.3%	$120.0M-88.7%	$1.1B+56.2%	$681.0M+121.8%	$307.0M-38.2%	$497.1M+199.1%	$166.2M-56.8%	$385.0M+14163.2%	$2.7M+104.5%	-$60.2M-263.8%	-$16.5M
Dividends Paid	$34.0M	$33.0M+3.1%	$32.0M+6.7%	$30.0M0.0%	$30.0M-3.2%	$31.0M	$0	$0	N/A	$0	$0	$0	$0	N/A	N/A	$6.6M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$50.0M+66.7%	$30.0M-60.0%	$75.0M+134.4%	$32.0M+68.4%	$19.0M+375.0%	$4.0M+100.0%	$2.0M	$0	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$123.0M+296.8%	$1.0M-99.2%	$112.0M-69.6%	$14.0M-95.3%	$31.0M+72.2%	$132.0M+94.1%	$368.0M+343.4%	$297.0M+180.2%
Depreciation & Amortization	$55.0M-8.3%	$65.0M+3.2%	$58.0M-13.4%	$56.0M-16.4%	$60.0M-11.8%	$63.0M-6.0%	$67.0M-22.1%	$67.0M-20.2%
Stock-Based Compensation	$3.0M-40.0%	$8.0M+14.3%	N/A	$5.0M0.0%	$5.0M-16.7%	$7.0M+16.7%	N/A	$5.0M0.0%
Capital Expenditures	$17.0M-32.0%	$19.0M+26.7%	$43.0M+7.5%	$25.0M-37.5%	$25.0M-13.8%	$15.0M-55.9%	$40.0M-33.3%	$40.0M-46.7%
Free Cash Flow	$106.0M+1666.7%	-$18.0M-115.4%	$69.0M-79.0%	-$11.0M-104.3%	$6.0M+154.5%	$117.0M+244.1%	$328.0M+1326.1%	$257.0M+729.0%
Investing Cash Flow	-$213.0M-21400.0%	-$77.0M-413.3%	-$29.0M+23.7%	-$20.0M+50.0%	$1.0M+103.3%	-$15.0M-118.8%	-$38.0M-18.8%	-$40.0M+44.4%
Financing Cash Flow	$7.0M+116.3%	-$33.0M+21.4%	$103.0M+139.0%	-$11.0M+95.8%	-$43.0M+8.5%	-$42.0M-20.0%	-$264.0M-417.6%	-$263.0M-436.7%
Dividends Paid	$8.0M0.0%	$9.0M+12.5%	$9.0M+12.5%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%

Not reported in any period shown, so not listed: Share Buybacks.

GTN-A Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GTN-A quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	12.7%-10.7pp	23.4%+11.7pp	11.7%-15.3pp	26.9%+11.1pp	15.8%-15.8pp	31.6%+9.1pp	22.5%-13.4pp	35.9%+3.0pp	32.8%+4.0pp	28.8%+5.4pp	23.4%-6.8pp	30.3%+6.0pp	24.2%-13.7pp	37.9%+13.4pp	24.5%
Net Margin	-2.8%-13.0pp	10.3%+12.6pp	-2.3%-14.7pp	12.4%+8.6pp	3.7%-13.5pp	17.2%+8.8pp	8.4%-11.0pp	19.5%-10.2pp	29.7%+22.0pp	7.7%+1.1pp	6.6%-2.9pp	9.5%+4.2pp	5.3%-1.7pp	7.0%+4.0pp	2.9%
Return on Equity	-3.9%-20.4pp	16.4%+20.3pp	-3.9%-25.4pp	21.5%+16.4pp	5.1%-18.3pp	23.4%+11.2pp	12.2%-5.6pp	17.8%-8.6pp	26.4%+13.7pp	12.6%+3.5pp	9.2%-13.1pp	22.2%+11.7pp	10.5%-9.0pp	19.5%+12.2pp	7.3%
Return on Assets	-0.8%-4.4pp	3.6%+4.3pp	-0.7%-4.8pp	4.1%+3.3pp	0.8%-4.5pp	5.4%+2.8pp	2.6%-2.4pp	5.0%-3.0pp	8.0%+5.8pp	2.3%+0.4pp	1.8%-0.7pp	2.6%+1.2pp	1.4%-0.9pp	2.3%+1.5pp	0.7%
Current Ratio	1.27+0.2x	1.03-0.2x	1.18-0.9x	2.10-0.4x	2.51-2.6x	5.11+2.4x	2.73-3.1x	5.82+0.7x	5.08+0.8x	4.23+1.0x	3.26+1.2x	2.100.0x	2.07+0.1x	2.02+0.4x	1.60
Debt-to-Equity	2.66+0.2x	2.45-0.7x	3.12+0.1x	3.04-0.8x	3.84+1.6x	2.27-0.3x	2.53+0.4x	2.15+0.3x	1.84-1.7x	3.56+0.7x	2.84-2.9x	5.72+0.9x	4.84-0.9x	5.79-0.9x	6.73
Asset Turnover	0.300.0x	0.350.0x	0.310.0x	0.33+0.1x	0.22-0.1x	0.310.0x	0.300.0x	0.260.0x	0.270.0x	0.300.0x	0.280.0x	0.270.0x	0.26-0.1x	0.32+0.1x	0.25
FCF Margin	5.9%-10.8pp	16.7%+7.5pp	9.1%-1.6pp	10.7%+6.8pp	3.9%-18.9pp	22.8%+9.8pp	13.0%-10.4pp	23.3%+6.9pp	16.4%-4.1pp	20.5%+6.7pp	13.8%-6.3pp	20.1%+9.6pp	10.4%-5.6pp	16.0%+11.5pp	4.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	16.2%+5.6pp	10.5%-1.2pp	14.6%-16.4pp	13.6%-12.7pp	10.6%-7.8pp	11.8%-3.3pp	31.1%+18.0pp	26.3%+15.9pp
Net Margin	1.7%+8.9pp	-2.6%-1.4pp	-1.3%-17.4pp	-1.3%-11.4pp	-7.2%-9.9pp	-1.1%-11.8pp	16.2%+17.2pp	10.1%+15.1pp
Return on Equity	0.7%+3.2pp	-0.9%-0.5pp	-0.5%-7.9pp	-0.5%-5.0pp	-2.6%-3.6pp	-0.4%-4.7pp	7.4%+7.9pp	4.5%+6.5pp
Return on Assets	0.1%+0.7pp	-0.2%-0.1pp	-0.1%-1.7pp	-0.1%-1.0pp	-0.5%-0.8pp	-0.1%-0.9pp	1.6%+1.7pp	0.9%+1.3pp
Current Ratio	0.95+0.1x	1.20+0.3x	1.27+0.2x	0.93-0.2x	0.87-0.8x	0.91-0.5x	1.03-0.2x	1.13-0.1x
Debt-to-Equity	2.73+0.2x	2.72+0.2x	2.66+0.2x	2.60-0.2x	2.56-0.4x	2.48-0.5x	2.45-0.7x	2.76-0.3x
Asset Turnover	0.080.0x	0.070.0x	0.080.0x	0.070.0x	0.070.0x	0.070.0x	0.100.0x	0.090.0x
FCF Margin	12.6%+11.8pp	-2.3%-17.3pp	8.7%-22.7pp	-1.5%-28.5pp	0.8%+2.1pp	15.0%+10.8pp	31.4%+28.7pp	27.1%+23.2pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Gray Television, Inc. GTN-A	FY2025	$3.1B	-$85.0M	-2.8%	$671.9M	—
Gray Media, Inc. GTN	FY2025	$3.1B	-$85.0M	-2.8%	$499.5M	42/100
Sinclair, Inc. SBGI	FY2025	$3.2B	-$99.0M	-3.1%	$1.0B	37/100
iHeartMedia, Inc. IHRT	FY2025	$3.9B	-$472.9M	-12.2%	$417.9M	25/100
FuboTV Inc. FUBO	FY2024	$402.3M	-$172.3M	-42.8%	$348.3M	14/100
The E.W. Scripps Company SSP	FY2025	$2.2B	-$100.9M	-4.7%	$292.8M	29/100

Where Gray Television, Inc. Ranks

Frequently Asked Questions

What is Gray Television, Inc.'s annual revenue?

Gray Television, Inc. (GTN-A) reported $3.1B in total revenue for fiscal year 2025. This represents a -15.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Gray Television, Inc.'s revenue growing?

Gray Television, Inc. (GTN-A) revenue declined by 15.1% year-over-year, from $3.6B to $3.1B in fiscal year 2025.

Is Gray Television, Inc. profitable?

No, Gray Television, Inc. (GTN-A) reported a net income of -$85.0M in fiscal year 2025, with a net profit margin of -2.8%.

What is Gray Television, Inc.'s EBITDA?

Gray Television, Inc. (GTN-A) had EBITDA of $629.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Gray Television, Inc. have?

As of fiscal year 2025, Gray Television, Inc. (GTN-A) had $368.0M in cash and equivalents against $5.7B in long-term debt.

What is Gray Television, Inc.'s operating margin?

Gray Television, Inc. (GTN-A) had an operating margin of 12.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Gray Television, Inc.'s net profit margin?

Gray Television, Inc. (GTN-A) had a net profit margin of -2.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Gray Television, Inc. pay dividends?

Yes, Gray Television, Inc. (GTN-A) paid $0.32 per share in dividends during fiscal year 2025.

What is Gray Television, Inc.'s return on equity (ROE)?

Gray Television, Inc. (GTN-A) has a return on equity of -3.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Gray Television, Inc.'s free cash flow?

Gray Television, Inc. (GTN-A) generated $181.0M in free cash flow during fiscal year 2025. This represents a -70.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Gray Television, Inc.'s operating cash flow?

Gray Television, Inc. (GTN-A) generated $289.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Gray Television, Inc.'s total assets?

Gray Television, Inc. (GTN-A) had $10.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Gray Television, Inc.'s capital expenditures?

Gray Television, Inc. (GTN-A) invested $108.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Gray Television, Inc.'s current ratio?

Gray Television, Inc. (GTN-A) had a current ratio of 1.27 as of fiscal year 2025, which is considered adequate.

What is Gray Television, Inc.'s debt-to-equity ratio?

Gray Television, Inc. (GTN-A) had a debt-to-equity ratio of 2.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Gray Television, Inc.'s return on assets (ROA)?

Gray Television, Inc. (GTN-A) had a return on assets of -0.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Gray Television, Inc.'s Altman Z-Score?

Gray Television, Inc. (GTN-A) has an Altman Z-Score of 0.65, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Gray Television, Inc.'s Piotroski F-Score?

Gray Television, Inc. (GTN-A) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Gray Television, Inc.'s earnings high quality?

Gray Television, Inc. (GTN-A) reported a net loss of $85.0M while generating $289.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Gray Television, Inc. cover its interest payments?

Gray Television, Inc. (GTN-A) has an interest coverage ratio of 0.83x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.